Tiong Woon

Tiong Woon registered 1QFY14 net profit of $4.6m (+11%) and revenue at $44.6m (+3%) with gross margins improving to 33.2% versus 26.3%. The increase in the Group’s turnover was mainly attributed to the increase in contributions from Heavy Lift and Haulage, Marine Transportation and Trading segments, while the stronger margins was mainly due to the increase in turnover and higher margins from the Heavy Lift and Haulage segment. Going forward, the group notes that the demand for heavy lift and haulage from the oil and gas, and petrochemical industries is expected to be resilient in the region, and it will focus on oil & gas, petrochemical, infrastructure development and construction opportunities in Singapore, other ASEAN countries and the Middle East.